IVA Rules
IVA Rules
An IVA is one solution to debt problems; however, there are a few IVA rules that must be followed. An IVA is where an Insolvency Practitioner meets with your creditors to decide how much of your debt you should pay off each month; they will take all aspects of your life into consideration to do this. But, unless you follow the IVA rules you will not be able to use this as a solution to your debt problems. IVA rules include:
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You must owe at least £15,000 and be able to afford payments of at least £200 a month
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You must stick to the agreement for the arranged time period (usually five years)
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An IVA can only be conducted by an Insolvency Practitioner
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The IVA is only legally binding when creditors who hold more than 75 per cent of the value of your debts have voted for you ton have an IVA
If you think you could stick to the IVA rules then an IVA could be just the debt solution you have been looking for. We could put you in touch with a qualified IVA practitioner who could assess your ability to adhere to the IVA rules and help you decide if it is right for you. Click on the link below for more information.
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